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The mortgage will be secured by a charge on the property of the customer.

Family Income Benefit

Let us help you to continue providing a regular income for your family, even if you pass away.

The Childhood Bereavement Network estimates that 26,900 parents die each year in the UK, leaving approximately 46,300 children left bereft in the UK. The Thought of Leaving Behind Your Family When They Are So Young is an Unbearable Thought, But Sadly, It Happens to Thousands of Fellow Parents Each Year.

Whether there are one or two sources of income that support a household, the Family Income Benefit policy will help to ensure that your family’s life remains as financially stable and stress-free as possible in the event of your death. From aspirations that you have for your children’s education, career and future to the peace of mind you can provide your partner, the Family Income Benefit policy can help them to continue living life to its full potential.   

Information from  UK Parliament Website, (27th March 2023) 

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The Family Income Benefit Is a Type of Policy That Provides a Tax-Free Monthly Payment, Like Income, To the Household and Runs Until the Policy Ends.

This means that if it’s a twenty-year policy and the Holder passes away five years in, it will pay out for the remaining fifteen years. It is common for parents with young families to choose for a policy to run until their children are out of education. This ensures that if the Policy Holder was to pass away, the monthly payout would help to cover everything from mortgage payments and utility bills to the odd meal out and the annual family holiday. 


Things to Know about Family Income Benefit

It is Designed to Replace the Everyday Cost of Living Only

As the Family Income Benefit pays out a regular monthly payment, it is designed to support the cost of everyday living, monthly bills and outgoings. It helps to replace a wage from one of the breadwinners of the household which is lost on their passing, allowing their family to continue to enjoy the lifestyle that they are used to. 

It is not designed to pay off the remainder of a mortgage in one lump sum, that would be Life Assurance, although it is possible to take out both policies. Our Protection Advisers can advise on what works best for your budget. 

Some Polices Don't Factor in the Rising Cost of Living which Increases Year on Year

The cost of living generally rises year on year, meaning chances are that everything will be more expensive in the latter part of the plan than they would be when it started.

It may be a good idea to consider opting for an Index-Linked Policy, which means payments would increase with the rate of inflation.

If You Don�t Pass Away During the Term

Family Income Benefit is kind of like Car Insurance for people, you could put money in each month for the whole policy but if you don’t pass away during that term, you won’t see the money. This is why it’s most popular with young families to cover them for a certain period of time. 

Tends to be More Affordable than Other Life Assurance Policies

The longer you live throughout the plan, the lower the payment your family would get, simply because the policy only pays out the remainder of the plan. This means that the monthly payments you pay in tend to be lower than other types of Life Assurance, which pay out a lump sum. 

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Please note for these insurance products terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.

Home Legal Services Liverpool LLP t/a Right Click Finance is an appointed representative of Primis Mortgage Network. Primis Mortgage Network is a trading name of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy to Let Mortgage.   

Registered in England OC399498.  Registered office address Prospect House Columbus Quay, Riverside Drive, Liverpool, England, L3 4DB

The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers based in the UK.
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